Venoco, Inc. says that Joel L. Reed and Richard S. Walker are resigning from Venoco's Board of Directors. Both resignations are effective August 1, 2015. Mr. Reed served as a director of Venoco from September 1998 to March 2002 and from August 2005 until the completion of the going private transaction in October 2012. He was reappointed to the Venoco Board in November 2012. Mr. Walker served as a director of Venoco from June 2007 until the completion of the going private transaction in October 2012. He was reappointed to the Venoco Board in November 2012.
"I'd like to personally express my gratitude to Joel and Rick for their long service to Venoco over the years. They've been excellent Board members for Venoco, bringing invaluable insight, business acumen and corporate governance expertise. I've always appreciated their personal integrity, professionalism and dedication to Venoco. I wish them well," said Tim Marquez, Venoco's Executive Chairman. Venoco has amended its Articles of Incorporation to allow for a single Director.
"With a series of recent financing transactions and other noteworthy corporate milestones now behind us, it was a logical time for Joel and Rick to move on," Mr. Marquez continued. "The Venoco team is working hard and looking forward to an increased tempo in the remainder of 2015. I'm happy to announce that our technical staff will be busy with an updated capital plan that includes increased activity at Platform Gail."